Best savings accounts with top interest rates as savers urged to act

This increase is usually good news for savers however, the best-paying instant access account has only risen from 2.25 percent to 2.5 percent. According to Money.co.uk, the best-paying notice account have only risen from 3.12 percent in June to 3.2 percent today and the best-paying one-year fixed-rate bond has remained 4.65 percent for the whole period. James Andrews, senior personal finance editor at money.co.uk, said: “The message for savers is simple.’Don’t hold your breath waiting for November’s rise in interest rates to filter through to your savings account as on past form it simply won’t.”Instead, if you’re looking for more interest on your savings, move your money now.”According to Money.co.uk’s savings page, which compares the savings accounts from a wide range banks and building society there are the top rates as of writing.Instant access savingsThe top four accounts in this category come from lesser well know banks and include RCI Bank, Investec, Paragon, and Yorkshire Building Society.RCI Bank’s Freedom Savings Account offers a rate of 2.45 percent and can be opened with a £100 deposit.Investec’s Online Flexi Saver again offers a 2.45 percent interest rate, however, people will need to open the account with a hefty £5,000 deposit.READ MORE: Best high interest current accounts – top 10 products available right now Banks are slowly starting to increase their interest rates in line with the Bank of England’s (Image: GETTY)Next is Paragon’s Triple Access Account which offers a 2.3 percent rate and allows the account to be opened with just £1. However, the interest rate will drop if more than three withdrawals are made in a twelve-month period.Finally, Yorkshire Building Society’s Society Internet Saver Plus again only needs £1 to open and pays two percent on balances from this until £10,000.Balances between £10,000 and £50,000 can get an interest rate of 2.25 percent and over this amount the building society will offer a rate of 2.3 percent.All of these accounts are protected by the FSCS scheme and have no notice, penalty, or charges when someone withdraws their cash.Notice savings accountsMoney.co.uk says that these savings accounts could offer a higher interest rate as people will need to give a set amount of notice to withdraw their money.DON’T MISSUniversal Credit warning as your earnings could impact the amount you get [BENEFITS]Mortgage calculator shows how much more you can expect to pay after interest rate rise [PAYMENTS INCREASE]You could avoid inheritance tax with a gift of any amount – but there’s a catch [TAX] The Bank of England increased its base interest rate from 2.25 percent to three percent (Image: EXPRESS)Paragon bank’s two and three year Fixed Rate ISAs paying an interest rate of 4.25 and 4.26 percent respectively.Again, both come with loss of interest of 180 days and 270 days if withdrawals are made and need a £500 deposit to open.On its two and three year fixed rate cash ISAs, Aldermore Bank offers a rate of four percent and 4.1 percent respectively.People would need a £1,000 deposit to open and would face 180 days’ loss of interest if they withdrew their funds from both accounts.